💰 Loan Calculator
Calculate your loan payments, view total interest, and see the full amortization schedule. Supports multiple currencies.
📝 Loan Details
📐 How Loan Payments Work
Monthly Payment Formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
- M = Monthly payment
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Number of payments (years × 12)
📋 How to Use the Loan Calculator
- Choose a currency.
- Enter the loan amount, the yearly interest rate and the term in years.
- Select Calculate Loan to see the monthly payment, total interest and total cost.
- Use Show Full Schedule to see each payment split into interest and principal.
🎯 When to Use It
- Comparing loan offers with different rates or terms.
- Seeing how much interest a car loan, personal loan or mortgage will cost in total.
- Checking what a payment would be before applying.
💡 Tips & Common Pitfalls
- A longer term lowers the monthly payment but raises the total interest.
- In the early years most of each payment is interest, which is why overpaying early saves the most.
- Use the quoted rate, and check whether it is the nominal rate or the APR. Fees can make the true cost higher.
- The result is an estimate. Your lender's figures are the ones that count.
❓ Frequently Asked Questions
What currencies are supported?
We support GBP (£), USD ($), EUR (€), AUD, CAD, INR, JPY, and CNY. The calculator works the same for all currencies.
What is an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over the life of the loan. Early payments have more interest, later payments have more principal.
Why do I pay more interest at the start?
Interest is calculated on the remaining balance. Early in the loan, the balance is high, so interest charges are higher. As you pay down principal, interest charges decrease.
Can I pay off my loan early?
Most loans allow early payoff. Extra payments go directly to principal, reducing total interest paid. Check if your loan has prepayment penalties.